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Listed by Donald E Hinton • Engel & Voelkers La Canada
$2,650,000
Est. payment /mo
1.58 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
MLS Listing ID P1-28323
Lot Size 1.584 Acres
Source California Regional Multiple Listing Service (CRMLS)
Property Description
Excellent development opportunity. The HDR-45 zoning allows development of 45 units per acre. The property is approximately 69,000 SF which would allow development of up to 71 apartments or condominiums. This is the last parcel(s) of high-density residential land on S. Magnolia and is adjacent to a 75-unit apartment building developed in 2019. Includes parcel #'s 1011-371-16-0000 and 1011-371-15-0000.
The property has been entitled for 49 apartment units; however, a buyer may pursue new entitlements for 71 units.
The property is currently improved with a 2-bedroom, 2 bath single family residence that was built in 1926. The property has been priced based upon land value and the single-family residence does not contribute value to the property. The single-family home is currently rented month to month for $2,300/mo. The excess land is currently rented month to month for $275/mo. to a nursery, and the nursery tenant maintains the excess land. Please submit all offers using the CAR Residential Purchase Agreement. Buyer to cooperate with Seller's exchange. Drive by Only, Do Not Disturb the tenants. Asking price is $2,650,000 which is $37,324/Unit based upon 71 units and $38.40/ SF.
The property has been entitled for 49 apartment units; however, a buyer may pursue new entitlements for 71 units.
The property is currently improved with a 2-bedroom, 2 bath single family residence that was built in 1926. The property has been priced based upon land value and the single-family residence does not contribute value to the property. The single-family home is currently rented month to month for $2,300/mo. The excess land is currently rented month to month for $275/mo. to a nursery, and the nursery tenant maintains the excess land. Please submit all offers using the CAR Residential Purchase Agreement. Buyer to cooperate with Seller's exchange. Drive by Only, Do Not Disturb the tenants. Asking price is $2,650,000 which is $37,324/Unit based upon 71 units and $38.40/ SF.
Location
State CA
County San Bernardino
Area 686 - Ontario
Zoning HDR-45
Exterior
Community Features Urban
Utilities Available Sewer Connected, Water Connected, Electricity Connected, Natural Gas Available, Phone Connected
View Y/N Yes
View Mountain(s)
Building
Lot Description Sprinklers, Level
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Nearby Locations
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John R Thompson
Broker/Owner | License ID: 01200900
Broker/Owner License ID: 01200900